 "Peyush bansal Founder & CEO, Lenskart")
Eyewear company Lenskart has announced its acquisition of Tango Eye, an artificial intelligence-based computer vision startup, for an undisclosed sum. With this acquisition, Lenskart aims to utilise visual AI technology to enhance both the store and product experiences.
"At Lenskart, our strategy has always focused on using technology to provide a reliable and delightful customer experience at scale, and Tango Eye's technology allows us to achieve exactly that," said Peyush Bansal, co-founder and chief executive officer of Lenskart. "We have now extended this technology to our factory, where we are implementing much more dependable quality control standards through AI."
Lenskart has been an early investor in Tango Eye. The company stated that this acquisition strengthens its commitment to leveraging technology to solve business challenges and improve customer satisfaction.
"By collaborating with Tango Eye, Lenskart is working towards a seamless integration between digital and physical touchpoints," said Ramneek Khurana, co-founder of Lenskart.
In stores, Tango Eye's technology analyses CCTV footage to provide analytics, optimise customer flow and ensure proper adherence to all procedures. Similarly, in its manufacturing plant, the technology is helping Lenskart automate quality tests for its lenses and eyeglasses.
"We have developed a best-in-class computer vision product that leverages advancements in AI to solve real-world challenges for retailers, thereby helping them improve conversion rates across various brands and stores today," said Suren Gounder, founder and CEO of Tango Eye. "We are now extending our technology beyond retail to improve the reliability of processes across the company. With Lenskart as a partner, we aim to invest much more in both our technology and talent."
In September, Neso Brands, a subsidiary of Lenskart, acquired a stake in the Paris-based eyewear brand Le Petit Lunetier for $4 million. The investment is funding Le Petit Lunetier's retail expansion, solidifying its brand presence in Europe and introducing the brand to Lenskart's primary markets in Asia and the Middle East.
Last year, Japanese brand Owndays became a part of the Lenskart group in a deal estimated at $400 million. The Tokyo-based direct-to-consumer eyewear retailer operates its own network of stores across 13 markets, ranging from Sydney to Dubai. Earlier this year, it opened its 500th store. Owndays has already received support from Neso Brands and Lenskart in several areas, including supply chain and manufacturing, analytics, and omnichannel technology, following the investment to boost both revenue and profitability.
